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I turned 18 in November and I have bad to no credit for that reason. I have tried to get a credit card so that I can start building my credit but no one wants to give me a credit card. I have tried everywhere and everyone says no. Is there other ways to build my credit? also i live on my own and have no one to co sign or anything so that is out of the question. I am in the process of getting a cell phone though through Alltel. well, now its part of Verizon but what ever. If you could help with advice or anything i would be very great full. Thank you!
Hi kadaniels,
To start building your credit history, you can get a student credit card. Student credit cards, generally have lower credit limits and low interest rates, than the other credit cards. I have also heard that some credit card companies can approve your student credit card application, without checking your credit history. You can apply for student credit card offers available online.
You can also try to get a prepaid credit card. In a prepaid credit card you will have to deposit money into your account, which is your credit limit. There is no risk of running into debt, with a prepaid credit card. The reason is that you cannot spend beyond your credit limit. By using your prepaid credit card, you can pay all your bills online, which will help to build a good credit history.
Hi kadaniels,
You can also use gas cards or retail store cards for the regular purchases you make. By making timely repayments for the cards I have mentioned, you can improve your credit records.
Do not shop around for credit, until you have built good credit records . The reason is that every time you are denied credit, all your efforts to get a good credit score will go in vain (because of the hard inquiries from your creditors which lowers your score). So you must be patient and wait till you have a solid credit history.